Five years after the launch of Washington’s plan to police Wall Street and avert the next financial crisis, the landmark Dodd-Frank Act is nothing to celebrate, according to one regulator.

From a limping banking sector crippled by a raft of rules and lending practices to a tight squeeze on Wall Street’s activities, its financial toll is impeding a full economic recovery, said outgoing Securities and Exchange Commissioner Daniel Gallagher.

Gallagher said Dodd-Frank has “backfired, strangling our economy, increasing the fragility of the financial system and politicizing our independent financial regulators.”

Only halfway done with an array of dictates, Dodd-Frank has failed to satisfy any of the key issues of the Fed’s role in the markets, Gallagher said earlier this month, likening the controversial law’s progress to a Soviet-era five-year plan.

“Just as ‘collectivization’ served as both the means and the ends of Soviet five-year plans,” he said, “so too has ‘prudential regulation’ provided additional tools for central bank apparatchiks to unleash their inner central planners in an attempt to fundamentally alter the very nature of our capital markets.”

He said the 2,300 page-long legislation shows an experiment stumbling badly, 400 mandates later. Among his points:

Dodd-Frank’s Durbin amendment is blamed for the huge erosion of free checking: 75 percent of banks offered it before D-F. Two years later, it was under 40 percent.

With almost-zero interest rates playing a part, bank fees grew because of Dodd-Frank regs, as did the ranks of the unbanked and underbanked.

Lending activity, though gaining traction, is still lame this far into an economic recovery.

Regulators green-lighted only one new US bank during the past five years, compared with an average of 170 before 2010, one study shows.

“The main goal [of Dodd-Frank] — supposedly to reduce systemic risk in the global economy — has been only partially accomplished,” ex-SEC Commissioner Steven Wallman told The Post. “Some of the rules in place and to come let you potentially reduce some risk, but it does so in a micromanaging way.”

Lee Pickard, former director of the SEC’s trading and markets division, said Dodd-Frank has done some good. “But I would have done it differently,” he said. “I would have removed every other page — it is too long, too cumbersome, too detailed in many ways. I think the legislators went too far.”